StoreLocal $1bn War Chest Taps into SEQ Self Storage Boom

Now controlled by the world’s biggest asset manager, Australia’s fourth largest self-storage player, StoreLocal, is on the move to expand its footprint across South-East Queensland. It has filed plans for a large format self-storage facility on a high-exposure site at the southern end of the Gold Coast. Under the plans, the self-storage developer and operator is seeking approval for a four-level facility with 13,963sq m of gross floor area on part of a 21,850sq m holding at 1763 Pacific Highway, next to the M1’s Exit 87 off-ramp and fronting Oyster Creek Drive. “The proposed facility, similar to other existing StoreLocal facilities, will have a range of sizes of storage units for both long and short-term storage for individuals, families, commercial organisations, community groups, sporting associations and businesses,” a planning report said. The application triggers referral to the State Assessment Referral Agency due to its location beside state-controlled road infrastructure. If approved, the proposed facility—designed by McDougall Roberts Architecture—would stand 13.3m with access via Oyster Creek Drive and 13 onsite carparking spaces. The Burleigh site is vacant but carries a multi-staged approval history for a service station, food outlet and subdivision works. “This development represents an anticipated and appropriate use within the Low Impact Industry Zone,” the report said, noting the scheme is consistent with state and local planning benchmarks. StoreLocal has been expanding steadily since its launch in 2015 and positions its facilities as modern, secure and convenient, with 24-hour access, electronic gates, video surveillance and onsite patrols. ▲ Rendering of the large format StoreLocal self-storage warehouse proposed for the Burleigh site. StoreLocal’s latest proposal adds momentum to the company’s push into key growth corridors across the country. In May, global funds management giant BlackRock acquired a controlling stake in the $400 million self-storage company. The buyout by BlackRock has given StoreLocal a more than $1 billion war chest to drive its growth. Nationally, the booming self-storage sector has been attracting increasing attention from institutional investors, with rising occupancy rates and stable returns making it one of the more defensive plays in the industrial and logistics market. In South-East Queensland, the sector has been buoyed by population growth, downsizing trends and demand from small businesses needing flexible space. Key drivers of uptake on the Gold Coast have been the city’s constrained industrial land supply and rising residential density. Meanwhile, another nearby self-storage and warehouse proposal at Burleigh Heads is earmarked to replace a long-standing highway landmark. Taris Property Group has filed plans for a complex comprising 21 two-storey warehouse units for a 4071sq m site at Lot 10 Pacific Highway. ▲ Rendering of the warehouse complex ( above, on top ) proposed for the former site of the landmark Will the Wrecker's yard. “The property is locally known as the ‘Will the Wrecker’ yard, primarily due to the iconic pink 48/215 Holden which hangs over the second storey balcony of the building and is highly visible from the Pacific Motorway,” the application said. “It is currently occupied by an automotive dismantling and recycling facility, with the majority of the site used for storage of approximately 200 wrecked cars. “The proposal involves the establishment of a warehouse development which will require the clearing of the existing automotive dismantling and recycling facility.” Since the application was lodged in August, the famed and faded pink FX Holden has been removed from the balcony where it had been perched precariously for almost 40 years and the site cleared. It has been donated to the Gold Coast Motor Museum at Upper Coomera where it will go on display. The proposed redevelopment of the wrecking yard includes nine conventional warehouse tenancies and 12 self-storage units. Each of the proposed units are designed with a ground floor and a mezzanine level, with individual unit sizes ranging from 129sq m to 368sq m to accommodate a variety of business needs and storage requirements. On-site parking would be provided for a total of 41 vehicles.

StoreLocal $1bn War Chest Taps into SEQ Self Storage Boom

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